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Nathan Said:

Title loans and insurance claims if the car is totaled?

We Answered:

Unless you have "gap coverage" on your car, through your insurance company, they have no obligation to pay it off. The policy says, they only pay the actual cash value, OR, the cost to repair, WHICHEVER IS LESS.

The payoff value, especially if you put little money down, financed it for five years or more, and have owned it for less than two years, is likely to be MORE than the actual cash value.

You need to call the loan company and find out what the payoff balance is. Then you need to go to www.kbb.com, and find the private party sale price for your vehicle. That will give you a rough idea, if you're going to get enough to pay off the car.

The check will be made payable to you AND THE LENDER, so that you will only get what's left over, after the car is paid off. IF it gets paid off, then you'll get the title.

Suzanne Said:

I bought a house and now the city sent me a bill to pay a loan on a sewer line.Is this a insurance title claim?

We Answered:

Yep, it is a lien that apparently was missed.

Denise Said:

What's a good resume title for an entry level insurance claims adjuster or insurance sales?

We Answered:

Nothing quite beats "entry level claims adjuster".

Marion Said:

Is title insurance really worth the money. What is the percentage of claims.?

We Answered:

I'm curious to see the answers to this as I've always had the same question about Title Insurance.

It perplexes me that you have to pay a Title company a whole lot of money to legally validate that the property you are buying doesn't have any outstanding leins or other disputes . . . and then you have to pay extra insurance to make sure they do their job correclty. Wouldn't it make more sense for the Title company to buy this insurance in a blanket policy for themselves?

I guess it's like all insurance. You don't need it, until you need it.

With a house, you could lose everything, so unfortunately, it's a no brainer.

Looking forward to seeing the % of claims (if anyone knows) or if anyone had any horror stories of losing their houses. My guess is that very few have had problems and that the number of claims is almost negligible.

F'n lawyers.

Rosemary Said:

Filing Title Insurance Claim?

We Answered:

I used to work for a title company so here's what I know. Now take this with a grain of salt as things work differently in every state. The tax lien, absolutely, that should have been picked up by the title company. Now either the abstractor failed to find the lien, the title clearer missed it, or the county was behind at the time of search and the lien became record after time of search. All three are possible, now, the last item I mentioned should have been caught if the lender/title company does a bringdown (a quick search a the time the mortgage is recorded to make sure no liens have been placed since the original search), the should be done on every purchase, but lenders and title companies are trying to get out of this as it does cost money to do a bringdown, but this is exactly why a bringdown is completed. Someone dropped the ball here no question about it. The code violations could be a different animal. I worked title for 7 years in NY, we only searched for violations in the boroughs of NYC, and one other county, that was it. It may not be a requirement of title to do such a search, the lender may not have required the search either. It's hard to say as I dont know the requirements of the lender or the title company. The only reason we did the code search in NYC was because the lender required it. I would absolutely file the claim. I know some counties in MD were behind when out title company shut down earlier this year, prince georges especially, but if that tax lien was of record, your deed and deed of trust never should have gone on record. The code violations may be trickly, like I said, I don't know lender requirements or title requirements for purchases in MD, but I would seek an attorney and file the claim, you'll want professional counsel in this matter to assist you. Hopefully you obtained an owner's policy at closing as this should put the responsibility to clear the matter up back on the title company to ensure you clear title to the property, which you do not have right now, good luck